Loan Sharks Bite Your Budget Stop Loan Sharks

 Andy Winter CEO Brighton Housing Trust said “As part of the campaign we are running through July, we are hi-lighting the negative impact loan sharks have on individuals.”

Nothing is worse than falling into debt, maybe through no fault of your own.  The temptation to swap debts back and forward on credit cards, then take a ‘once only’ loan to cover all the debts is a position only too familiar to many people trying desperately to make ends meet.

Interest on credit cards is phenomenal anyway and Bank Loans charge about a third more interest on top of a loan. This can be even higher from a rogue trader.

This is an example of how one can fall into the Loan Shark trap.  Maybe it’s only a one off loan for a holiday or a sum to clear existing debts you could fall victim to a loan shark’s offer of money.

 

These are some of the telltale signs of loan sharks issued by The Trading Standards Authority.

Have you:

Been offered a loan without paperwork.

Been threatened when you couldn’t pay.

Had your Benefit or bank card taken from you.

Had a loan which  keeps on growing even though you are making payments.

 

The Illegal Money Lending Team can help:0300 555 2222.

 

E-mail: reportaloanshark@stoploansharks.gov.uk

 

 

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About chris and gordon's private rented sector blog

we are two people living in Brighton who have both been through the 'hostel' system. I (Chris) have been street homeless, I am currently a recovering alcoholic living in a privately rented flat. I (Gordon) have a degree of media studies from University of Westminster. I've had many psychological problems, but am now nearly recovered. I live on my own in a privately rented flat. Disclaimer Any information including photography given in PRS Blog is the responsibility of Chris and Gordon's blog and may not be published elsewhere except with their permission and they will try and use names and pictures of people only with their permission. Contentious statements will be kept to a minimum and hope that libellous statements aren't made. The blog is published with good intent and it is hoped to publish material which will be constructive and of benefit to others who may use the service.
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